Banking giant Citicorp and Visa Inc., the card network, are backing the micro-lender Accion in a worldwide effort to accelerate financial inclusion.
Financial Inclusion 2020 is a program of the Center for Financial Inclusion at Accion. Created in 2008, It unites public and private sector entities, along with NGOs and other relevant parties to create conditions that foster comprehensive financial inclusion.
Over 2 billion people worldwide lack access to basic financial services, missing out on opportunities to contribute to their countries' growth," said Elisabeth Rhyne, Managing Director of the Center.
"Expanding financial inclusion is both a development imperative for underserved communities and a forward-looking approach to unlockint the economic potential of new markets," said Pamela Flaherty, President and CEO of the Citi Foundation and Director of Corporate Citizenship at the bank.
Michael Schlein, President and CEO at Accion explained the effort this way: "Our vision is to build a financially inclusive world where everyone has access to financial tools that can improve their lives." And the best way to do that is to include all relevant parties. "If we can get a broader group of stakeholders to see themselves as part of the movement to build economic opportunity for all, this will be the moment when financial inclusion begins to be a reality," Schlein added.
Plans are for the group to present A Roadmap to Financial Inclusion in October during the Financial Inclusion 2020 Global Forum in London.